XML 40 R23.htm IDEA: XBRL DOCUMENT
v3.22.4

Derivatives | 12 Months Ended
--- | ---
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivatives | Derivatives The Company enters into derivatives in order to hedge interest rate risk. Derivative assets are recorded in prepaid expenses and other assets and derivative liabilities are recorded in accounts payable, accrued liabilities and other on the Consolidated Balance Sheets. The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company’s derivatives are classified as Level 2 and their fair values are derived from estimated values obtained from observable market data for similar instruments. The fair market value of derivatives is presented on a gross basis on the Consolidated Balance Sheets. The following table summarizes the Company’s derivative instruments as of December 31, 2022 and December 31, 2021:
Underlying Debt Instrument |  | Number of Derivatives |  | Notional Amount |  | Effective Date |  | Maturity Date |  | Interest Rate Range(1) |  | Fair Value Assets/(Liabilities)
|  |  |  |  | Low |  | High |  | 2022 |  | 2021
Interest rate swaps |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hollywood Media Portfolio(2)(3) |  | 2 |  | $ | 350,000 |  |  | April 2015 |  | April 2022 |  | 2.96 | % |  | 3.46 | % |  | $ | — |  |  | $ | (1,413) |
Hollywood Media Portfolio(2)(3) |  | 1 |  | 125,000 |  |  | June 2016 |  | November 2022 |  | 2.63 | % |  | 3.13 | % |  | — |  |  | (1,122) |
Interest rate cap |  |  |  |  |  |  |  |  |  | Strike Rate |  |  |  |
Hollywood Media Portfolio(4) |  | 1 |  | 1,100,000 |  |  | August 2021 |  | August 2023 |  | 3.50% |  | 9,292 |  |  | 368 |
TOTAL |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,292 |  |  | $ | (2,167) |
_____________ 1.The rate is based on the fixed rate from the swap and the spread based on the operating partnership’s leverage ratio. 2.The swaps were designated under the first payments approach within hedge accounting, where the Company elected to designate a cash flow (LIBOR-based interest payments) instead of a specific piece of debt. 3.These derivatives were designated as effective cash flow hedges for accounting purposes. 4.The interest rate cap was designated as an effective cash flow hedge for accounting purposes beginning in December 2022. The Company reclassifies unrealized gains and losses related to cash flow hedges into earnings in the same period during which the hedged forecasted transaction affects earnings. As of December 31, 2022, the Company expects $12.0 thousand of unrealized gain included in accumulated other comprehensive loss will be reclassified as a reduction to interest expense in the next 12 months.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126731327&loc=d3e90205-114008 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration